So, the original base level for the fibonaccis on this trade was $129.55. But as I stated earlier, I’m not going to close out my position there.
However, it provides an important point for some of the hedging.
So with an average cost of $132.70 and a closing price of $129.01, I am currently down -$6,642 on this trade.
Here’s the math so far for the long side:
Long 200 shares SPY @ $134.22
Long 600 shares at $133.32
Long 1,000 @ $132.
Avg cost $132.70
Open P/L: -$6,642
I haven’t discussed hedging yet in this thread but I am up roughly $3,801 on my hedge, bringing the total open P/L to around -$2,841. On May 31st I started buying SH.
The question I am now dealing with is what to do with the hedge. Keep it open? Add more? Close it out?
This is what trading is all about. Not indicators, not predicting direction, not any of the crap that the gurus try to tell you about.
Question: What do your fib gurus do in positions like this? Lie? Ignore the trades that aren’t going in their favor and supporting their MAGIC FIBONACCI TECHNIQUES? How about you guys who are paying monthly fees for their fib trading rooms? How much money are you making???